BCH is the 12th ranking currency by market capitalization of $8,200,854,889 as per Coinmarketcap.It has risen 9.8% during the last one week. Last Few Days for BCH Since mid-January 2021, the BCH price was on a temporary downtrend. But since the past week, BCH price has managed to break the $450 mark. It even crossed the $480 mark on February 6, 2021. Thereafter, the price started declining again. In the past 24 hours, BCH has been trading between $429.37 – $464.06. As per the recent news, daily volumes of BCH options are doubling at Bit.com. This may be indicative of a positive investor sentiment towards BCH. As of February 7, 2021, the closing price of BCH was $444.80 https://ift.tt/2YXCdWj How Will BCH Move Ahead Currently, BCH is trading at $447.69. It has risen from the opening price of $444.77. Thus, the price is uptick. The A/D and OBV indicators are also steadily rising along with the price. Thus, the market looks healthy. Buying pressure or accumulations surpass selling pressures or distributions. Thus, we can expect the price uptrend to continue. Presently, the RSI indicator is at 66%. It is closer to the 70% mark implying that buying pressures are high. It faced a bearish swing rejection at 70% indicating that price correction is happening. There may be a temporary price pullback. The MACD and signal lines are positive. The MACD line crossed above the signal line indicating a bullish trend. Thus, we can expect a bullish price momentum. The AO indicator is also positive. Thus, ‘buy’ signals are strong. Hence, the price will rise as demand for the crypto increases. However, the ADX indicator is falling. This means the bullish trend is not strong enough to sustain. But, since most of the other indicators have given positive signals, it simply means a temporary price retracement will occur. Currently, BCH is trading above the Fibonacci pivot point of $446.07. It is struggling to go past $448. An uptrend can be confirmed if the price manages to breach the first Fibonacci pivot resistance level of $459.33. Conversely, if it falls below the first Fibonacci pivot support level of $432.82, then a downtrend is imminent. However, a downtrend looks bleak as the price is well above the first support level. Presently, the price is at 50% FIB retracement level. If it goes above the 38.2% FIB retracement level of $450.81, then we can be sure that the market will close at a higher price than the previous close. By tomorrow, if the BCH price manages to breach the 23.6% FIB retracement level of $455.87, then the bull-run can be expected to continue for some time.
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